GM to end controversial 'jobs bank' Monday
NEW YORK (AP) -- General Motors Corp. says its "jobs bank" program will end Monday.
The program gives union workers at the Detroit automakers most of their pay and benefits while they are laid off.
The jobs bank was the target of much ire during the companies' requests for a federal bailout. The program's elimination was one of the conditions the government set when it agreed to lend GM $13.4 billion.
GM spokesman Tony Sapienza said Wednesday that the 1,600 GM workers in the jobs bank will be placed on layoff and will need to file for unemployment. They'll receive about 72 percent of their salaries, which will be paid for by state unemployment benefits and GM subsidies.
The length of time workers can receive the benefits varies from state to state but usually amounts to about 48 weeks.
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